You're pulling from a work force of highly volatile people, who're tasked w/ doing an extremely physically and mentally draining job (in whatever weather mother nature provides for the day). 

Quote from @Chris Seveney: @Leland HertigWe are lending (and getting) 15% +3 pts on land at this time.Land financing is going to be very expensive due to its illiquid nature and volatility in down markets.  

Personally, I love the idea of putting more cash down on a deal if it is going to drive up my cash yield, but I never put down too much cash that it would push my COC under 8%.In my calculations, I always run the repairs at 4% and CAPEX at 6% unless the property is in poor condition or in a bad neighborhood (in which case I'm hesitant anyways to buy a rental property because of a possible volatile vacancy rate.)

The difference is the volatility of owning multiple units versus a single house is usually a lot lower.

Use caution when borrowing against your stock portfolio, especially if it's a high volatility portfolio comprised of individual companies.

There is no stock account that gives the leverage real estate does, at as low interest rate real estate does, at as low risk/ volatility real estate does. 

But hot markets are inherently more volatile.

Time and time again, I hear that the military (Navy, Army, Air Force, and Coast Guard) are constantly moving people into the area which means that compared to other markets, we are stabilized and don't have as much volatility as other markets.

The stock market can be volatile in terms of percent returns year over year. 

Class C can be volatile.